Watch Newsy On TV

Commission Shuts Down Rick Perry's Proposal To Prop Up Coal, Nuclear

SMS
Commission Shuts Down Rick Perry's Proposal To Prop Up Coal, Nuclear
The Federal Energy Regulation Commission rejected Perry's proposal to subsidize coal and nuclear plants.
SHOW TRANSCRIPT

The Federal Energy Regulation Commission rejected a proposal from Secretary of Energy Rick Perry that would have provided subsidies to struggling coal and nuclear plants.

The plan was meant to give relief to coal and nuclear energy sectors, which have taken a hit with the rise of cheaper natural gas and renewable energy.

Perry's plan emphasized the need to improve the "reliability and resilience of the nation's power grid." To do that, he proposed financial incentives for plants that maintain a 90-day stockpile of fuel. Renewable and natural gas plants typically can't do that.

The proposal had received heavy criticism. Former FERC commissioners warned the plan would have raised costs for customers. Former New York City Mayor Michael Bloomberg also said the proposal would prop up the coal industry while forcing Americans to pay more. 

Additional reporting from Newsy affiliate CNN.